How to get a million-dollar life insurance policy

Life insurance policies are sold with death benefits in the range of US $100,000 to the US $10 million. A life policy can accumulate cash value for the insured or simply create benefits available to those who survive it within an agreed period of time. Insurance companies have qualification measures for people asking for the highest benefit amounts.

Decide between temporary and life insurance. A lifetime policy, such as whole life or universal life insurance, accumulates cash value over time that can be used for loans or received upon waiving the policy. Temporary insurance simply provides a benefit payment in a given period of time, such as 20 or 30 years. There will be a higher premium for permanent life insurance than for temporary insurance with a benefit of US $1 million.

Talk to representatives of several life insurance firms. Discuss the options and costs of several different insurance policies that have a $1 million benefit to make an informed decision about the plan that best suits your needs.

Complete the application with the assistance of a representative. Although many companies have application forms available online, most require a representative to complete the application for customers taking a $1 million life policy.

Get the medical exam. Life insurance policies with low benefit amounts are sold without exams, but anyone who asks for a $ 1 million policy will be sent to a doctor paid by the company for a full exam.

Sign the contract agreement and make regular premium payments. Commonly available options to pay monthly or annually. Premiums for most one million dollar life insurance policies are in the range of US $ 400 to the US $800 per month for a 48-year-old non-smoker.